I can't imagine willingly refinancing to add +4 points to a half a million note. 

We started off with a 30 year at about a 4% interest rate, but we paid the principal down considerably to about 70k, and then refinanced to the 15 year loan at 2%.

It seems as if there will be some upgrading of the units, are you anticipating a sale or refinancing out of the subject to different mortgage afterwards or is that the long term debt instrument you want to keep?

I would love to assist you with any questions you may have in regards to cashout refinancing . 

You turn the equity into cash via cash-out refinancing, or via selling a property.

@Joseph SheahanI can speak to the refinance portion: As long as a guarantor with good credit has at least 25% ownership refinancing should be an issue.

  - Any budget overruns could exceed the amount of capital a small PML may have and require the project to be refinanced into a new construction loan elsewhere while the project is inflight and this could pose challenges if the borrower doesn't have much skin in the game or liquidity. 

Refinanced after seasoning period with forced appreciation as well as more favorable comps once we arrived in the spring home buying season vs winter selling (when purchased) How did you add value to the deal?

Again, as your position enables you to safely exit the subject to mortgage either by paying it off, or refinancing it and still being able to hold onto the deal.But, the fact that you are doing three at once, and looking for 97 more in short order is what rattles me.

With one million dollars and picking up the houses while distressed and refinancing you can build an extensive STR portfolio.